Speaking to ifa, CFS head of distribution Matthew Harrison said the “legislative, demographic and technological changes” in recent years have created a need for a burgeoning independent advice sector.

“CFS is excited about the growth and prosperity of the independent financial adviser market in this new environment,” Mr Harrison said.

“Competition is healthy for any industry including the Australian financial advice sector, with the prosperity of IFAs being essential to the overall wellbeing of the industry.

“IFA businesses are some of CFS’ most valued business partners as advisers, and their clients are at the heart of everything we do.”

Mr Harrison said one of the key strategic priorities for CFS is to work with IFA businesses in streamlining efficiencies which will allow them to “deliver excellent advice and grow as businesses at the same time”.

The comments follow the announcement that CFS has signed on as the principal sponsor of the ifa Excellence Awards – an innovative new award program, benchmarking success in the independent financial advice sector.

“The ifa Excellence Awards are an industry first and are the only industry awards dedicated exclusively to boutique and non-aligned financial advisers,” said ifa publisher Russell Stephenson.

“We are delighted that Colonial First State is supporting the awards as principal partner, as well as Bennelong Funds Management as gold partner, helping us to celebrate independent advice.”

Submissions for the inauguralifa Excellence Awards are now open – for more information and to apply please visit www.ifaawards.com.au.